So let me be clear: If we do not control these costs, we will not be able to control our deficit. If we do not reform health care, your premiums and out-of-pocket costs will continue to skyrocket. If we don’t act, 14,000 Americans will continue to lose their health insurance every single day. These are the consequences of inaction. These are the stakes of the debate that we’re having right now.
I realize that with all the charges and criticisms that are being thrown around in Washington, a lot of Americans may be wondering, “What’s in this for me? How does my family stand to benefit from health insurance reform?”
So tonight I want to answer those questions. Because even though Congress is still working through a few key issues, we already have rough agreement on the following areas:
If you have health insurance, the reform we’re proposing will provide you with more security and more stability. It will keep government out of health care decisions, giving you the option to keep your insurance if you’re happy with it. It will prevent insurance companies from dropping your coverage if you get too sick. It will give you the security of knowing that if you lose your job, if you move, or if you change your job, you’ll still be able to have coverage. It will limit the amount your insurance company can force you to pay for your medical costs out of your own pocket. And it will cover preventive care like check-ups and mammograms that save lives and money.
Now, if you don’t have health insurance, or you’re a small business looking to cover your employees, you’ll be able to choose a quality, affordable health plan through a health insurance exchange — a marketplace that promotes choice and competition. Finally, no insurance company will be allowed to deny you coverage because of a preexisting medical condition. I’ve also pledged that health insurance reform will not add to our deficit over the next decade. And I mean it. In the past eight years, we saw the enactment of two tax cuts, primarily for the wealthiest Americans, and a Medicare prescription program — none of which were paid for. And that’s partly why I inherited a $1.3 trillion deficit.
That will not happen with health insurance reform. It will be paid for. Already we’ve estimated that two-thirds of the cost of reform can be paid for by reallocating money that is simply being wasted in federal health care programs. This includes over $100 billion of unwarranted subsidies that go to insurance companies as part of Medicare — subsidies that do nothing to improve care for our seniors. And I’m pleased that Congress has already embraced these proposals. While they’re currently working through proposals to finance the remaining costs, I continue to insist that health reform not be paid for on the backs of middle-class families.